Daily Pivots: (S1) 146.37; (P) 146.80; (R1) 147.40; More…
USD/JPY’s rise from 139.57 extends higher today and intraday bias stays on the upside. The break of 38.2% retracement of 161.94 to 139.57 at 148.11 argues that whole fall from 161.95 has completed already, just ahead of 139.26 fibonacci level. Rebound from 139.67 is seen as the second leg of the corrective pattern from 161.94. Further rise should be seen to 61.8% retracement at 153.39. On the downside, below 145.91 minor support will turn intraday bias neutral again.
In the bigger picture, fall from 161.94 medium term top is seen as the first leg of the correction to whole up trend from 102.58 (2021 low). Strong support could be seen from 38.2% retracement of 102.58 to 161.94 at 139.26 to contain downside, at least on first attempt. Firm break of 149.35 resistance will indicate that the second leg has started. However, sustained break of 139.26 would open up deeper medium term decline to 61.8% retracement at 125.25.
